Latest Ratios: P/E Ratio 68.9x · EV/EBITDA 21.7x · ROE N/A. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30.7B | $38.8B | $39.4B | $50.0B | $58.9B | $90.6B | $67.7B | $59.4B | $45.1B | $42.5B | $29.6B |
| Enterprise Value | $60.0B | $68.1B | $68.9B | $78.7B | $86.7B | $117.3B | $92.8B | $83.2B | $61.5B | $58.4B | $41.2B |
| P/E Ratio → | 68.85 | 87.13 | — | 33.29 | 35.14 | 82.51 | 67.74 | 79.41 | 88.32 | 138.76 | 91.34 |
| P/S Ratio | 7.20 | 9.11 | 6.00 | 7.16 | 8.43 | 14.29 | 11.58 | 10.31 | 8.40 | 10.00 | 7.54 |
| P/B Ratio | — | — | — | 7.83 | 7.90 | 10.97 | 7.15 | 5.66 | 3.90 | 3.45 | 3.91 |
| P/FCF | 10.68 | 13.51 | 22.89 | 29.37 | 37.54 | 60.48 | 47.28 | 92.70 | 59.24 | 52.13 | 32.56 |
| P/OCF | 10.04 | 12.70 | 13.38 | 15.99 | 20.45 | 33.22 | 22.15 | 22.02 | 18.02 | 20.81 | 16.60 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.97 | 10.49 | 11.27 | 12.41 | 18.50 | 15.90 | 14.43 | 11.45 | 13.72 | 10.50 |
| EV / EBITDA | 21.67 | 24.61 | — | 19.09 | 20.98 | 32.18 | 26.75 | 26.56 | 21.13 | 26.44 | 20.01 |
| EV / EBIT | 28.85 | 32.79 | — | 33.50 | 36.66 | 64.78 | 53.30 | 53.89 | 48.76 | 60.69 | 47.44 |
| EV / FCF | — | 23.70 | 40.03 | 46.24 | 55.28 | 78.31 | 64.88 | 129.72 | 80.80 | 71.54 | 45.34 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.1% | 66.1% | 71.9% | 71.6% | 70.4% | 68.6% | 66.3% | 65.5% | 65.7% | 63.7% | 63.2% |
| Operating Margin | 48.7% | 48.7% | -44.7% | 33.9% | 34.7% | 31.6% | 31.9% | 27.1% | 25.8% | 22.7% | 24.2% |
| Net Profit Margin | 10.4% | 10.4% | -59.4% | 21.5% | 24.0% | 17.3% | 18.1% | 14.9% | 11.6% | 8.6% | 9.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -124.9% | 21.7% | 21.3% | 12.4% | 10.6% | 7.8% | 5.2% | 3.7% | 4.9% |
| ROA | 1.4% | 1.4% | -11.0% | 3.9% | 4.3% | 2.8% | 2.7% | 2.4% | 1.9% | 1.3% | 1.6% |
| ROIC | 5.5% | 5.5% | -6.8% | 5.1% | 5.2% | 4.3% | 4.1% | 3.8% | 3.7% | 3.1% | 3.7% |
| ROCE | 7.2% | 7.2% | -8.8% | 6.6% | 6.6% | 5.4% | 5.1% | 4.6% | 4.4% | 3.7% | 4.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 4.52 | 3.75 | 3.27 | 2.69 | 2.28 | 1.44 | 1.31 | 1.61 |
| Debt / EBITDA | 10.68 | 10.68 | — | 6.99 | 6.77 | 7.41 | 7.32 | 7.64 | 5.73 | 7.32 | 5.91 |
| Net Debt / Equity | — | — | — | 4.50 | 3.73 | 3.24 | 2.66 | 2.26 | 1.42 | 1.28 | 1.54 |
| Net Debt / EBITDA | 10.58 | 10.58 | — | 6.96 | 6.73 | 7.33 | 7.26 | 7.58 | 5.64 | 7.18 | 5.64 |
| Debt / FCF | — | 10.19 | 17.14 | 16.87 | 17.73 | 17.84 | 17.60 | 37.03 | 21.56 | 19.42 | 12.77 |
| Interest Coverage | 2.17 | 2.17 | -3.31 | 2.86 | 3.51 | 2.87 | — | 2.26 | 1.96 | 1.63 | 1.69 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.26 | 0.26 | 0.50 | 0.40 | 0.45 | 0.62 | 0.56 | 0.63 | 0.82 | 0.88 | 1.38 |
| Quick Ratio | 0.26 | 0.26 | 0.50 | 0.40 | 0.45 | 0.62 | 0.56 | 0.63 | 0.82 | 0.88 | 1.38 |
| Cash Ratio | 0.06 | 0.06 | 0.05 | 0.04 | 0.06 | 0.14 | 0.12 | 0.10 | 0.18 | 0.24 | 0.59 |
| Asset Turnover | — | 0.14 | 0.20 | 0.18 | 0.18 | 0.16 | 0.15 | 0.15 | 0.16 | 0.13 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.8% | 5.4% | 6.9% | 5.4% | 4.4% | 2.6% | 3.1% | 3.2% | 4.0% | 3.5% | 4.3% |
| Payout Ratio | 468.5% | 468.5% | — | 181.3% | 155.3% | 216.5% | 199.3% | 222.3% | 286.5% | 412.3% | 359.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 1.1% | — | 3.0% | 2.8% | 1.2% | 1.5% | 1.3% | 1.1% | 0.7% | 1.1% |
| FCF Yield | 9.4% | 7.4% | 4.4% | 3.4% | 2.7% | 1.7% | 2.1% | 1.1% | 1.7% | 1.9% | 3.1% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 6.9% | 5.4% | 7.0% | 5.5% | 4.5% | 2.7% | 3.2% | 3.3% | 4.0% | 3.6% | 4.4% |
| Shares Outstanding | — | $437M | $434M | $434M | $434M | $434M | $425M | $418M | $415M | $383M | $341M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying CCI stock.
Crown Castle Inc.'s current P/E ratio is 68.9x. The historical average is 76.5x. This places it at the 36th percentile of its historical range.
Crown Castle Inc.'s current EV/EBITDA is 21.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.3x.
Based on historical data, Crown Castle Inc. is trading at a P/E of 68.9x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Crown Castle Inc.'s current dividend yield is 6.78% with a payout ratio of 468.5%.
Crown Castle Inc. has 66.1% gross margin and 48.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Crown Castle Inc.'s Debt/EBITDA ratio is 10.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and strategic pivot
Metrics are mathematically derived from official filings.
Valuation Distorted by Divestiture
According to recent SEC filings, CCI's P/FFO turned negative in 2026Q2 at -7.53, reflecting the Fiber divestiture's impact on FFO, while EV/EBITDA of 22.49 suggests a premium versus peers.
The negative P/FFO in 2026Q2 is a direct consequence of the strategic pivot, as FFO per share of $1.10 is positive but the price-to-FFO calculation appears distorted by the divestiture-related accounting. The EV/EBITDA of 22.49 sits above American Tower's 18.06 and SBA's 18.43, implying the market is pricing in a recovery in tower cash flows post-divestiture. Investors should monitor whether the implied cap rate on the remaining tower portfolio justifies this premium, especially given the 6.3% dividend yield versus peers' 2.5-3.8%.
NOI Margin Volatility Masks Core Stability
Based on reported figures, CCI's NOI margin swung from 73.9% in 2025Q3 to 42.1% in 2025Q4, but stabilized at 63.8% in 2026Q2, suggesting divestiture-related costs are fading.
The dramatic NOI margin drop in 2025Q4 appears tied to the Fiber and Small Cell divestiture, as asset classification changes and one-time costs compressed margins. The recovery to 63.8% in 2026Q2, while still below the 73-75% range seen in 2024, indicates the remaining tower portfolio retains structural profitability. However, the 10-percentage-point gap versus pre-divestiture levels warrants monitoring, as it may reflect either a permanent mix shift or lingering integration costs.
Dividend Coverage Tightens Post-Divestiture
Per the latest quarterly data, CCI's FFO payout ratio reached 96.0% in 2026Q2, up from 94.3% in 2025Q3, leaving a thin margin for dividend sustainability.
The FFO payout ratio of 96% in 2026Q2 indicates that nearly all FFO is being distributed, leaving minimal retained cash for debt reduction or reinvestment. The AFFO payout ratio, while not directly provided, appears similarly elevated given AFFO per share of $0.97 versus FFO of $1.10. This tight coverage, combined with the negative equity position, suggests the dividend is vulnerable to any further operational deterioration, though management's raised AFFO guidance implies confidence in tower cash flows.
Leverage Constrained by Negative Equity
As reported in financial statements, CCI's debt-to-equity ratio worsened to 5.60 in 2024Q3, with shareholders' equity turning negative at -$3.3B in 2026Q2, indicating liabilities exceed assets.
The negative equity position is a critical red flag, as it implies the company's asset base has been eroded by the divestiture and accumulated losses, leaving debt holders with limited cushion. Interest coverage of 2.46x in 2026Q2, while improved from 1.93x in 2026Q1, remains thin and suggests limited capacity to absorb higher refinancing costs. The current ratio of 0.54 further underscores liquidity strain, though the $1.0B cash balance provides some near-term buffer.
Tower Portfolio Now Core Focus
Based on reported figures, CCI's NOI fell from $842M in 2024Q1 to $643M in 2026Q2, a 24% decline, reflecting the divestiture of fiber and small cell assets.
The divestiture has left CCI as a pure-play domestic tower REIT, which simplifies the investment thesis but concentrates risk on the three major US carriers. The 24% NOI decline underscores the scale of the strategic shift, and the remaining portfolio's occupancy and tenancy ratios will be critical to monitor. G&A efficiency appears stable, but the loss of fiber's diversification may increase sensitivity to carrier capex cycles.
P/E Misleads in REIT Context
The most commonly misapplied ratio for CCI is the standard P/E of 73.91, which is distorted by depreciation and divestiture charges, obscuring the underlying cash-generative tower business.
For REITs, P/E is deeply misleading because it includes non-cash depreciation that does not reflect the maintenance of income-producing real estate. CCI's P/E of 73.91 appears artificially high due to the Fiber divestiture's impact on GAAP earnings, while FFO and AFFO provide a clearer picture of cash flow. Investors should use P/AFFO, which adjusts for maintenance capex, and the implied cap rate to assess valuation relative to private market transactions.